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Tuesday, 24 February 2015

Development Banks from the BRICS

Following the sixthannual summit in Fortaleza last year (July 2014), it was decided that the BRICS Bank will start lending in 2016. The bank make an initial US$50bn fund as well as funds from the Contingency ReserveArrangement (CRA) ofUS$100bn. These latter funds shall target alleviating members’ financial difficulties (US$41bnfrom China, US$5bn from South Africa and US$18bn from each of the others).

Source: tralac.org

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